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8393 Plainview Street Riverside, CA 92508

3 Beds 2 Baths 2,447 sqft Built 2001

$549,900

List Price

$2,560

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $224.72
  • 6 Days on Market
  • MLS # : IV21001853
  • Updated Date : 01/05/2021 at 13:49
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,447 sqft
  • Baths : 2 full
Listing Agent

Windermere R.e. Tower Prop.

Listing Agent's Description

Located in the Heart of Desirable Orangecrest, This POOL Home is near Shopping, Churches, Orange Terrace Community Park and Much More...Interior Offers Large Living Room, Kitchen with Center Island with Cabinets which Opens to Family room with Fireplace with Access to Backyard, 3/4 Bathroom, Office / Study or possible Bedroom Downstairs....Upstairs, Enter the Master Bedroom through Double Doors and Find Great Space with Walk In Closet, Dual Sinks in Master Bathroom with Separate Tub and Shower... Adjacent to Master Bedroom is Nook that can be used for Study Area, Office, Reading Area...2 Nice Additional Bedrooms with Shared Full Bathroom and Indoor Laundry Room Compliment the Balance of Interior.... The Backyard has a Tropical Feel with Palm Trees and Beautiful Pool and Spa... 3 Car Garage and RV Parking .......

SEE MORE

MARKET HIGHLIGHTS

  • Headquarters to several Fortune 500 companies: Amgen, Farmers Insurance, Walt Disney, Avery Dennison, Activision Blizzard, CBRE Group, Edison International, Molina Healthcare, First American Financial, Pacific Life, Qualcomm and Sempra Energy (Fortune, 2018)
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • Southern California produces more technology PhDs per year than any other region in the country and many of the higher educated students stay within Souther California contributing to readily available workforce skills making the area more attractive than Silicon Valley (BCG, 2018)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
  • Southern California has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
  • The area has major technology nodes of excellence: Los Angeles (Media and entertainment); Pasadena (High-tech engineering, data analytics); Riverside (Agtech, transportation/ distribution); San Diego (Healthcare, biotech, wireless communications); Irvine (Medtech, cyber security); El Segundo (Aerospace and defense IT, space transport) [BCG, 2018]
  • Los Angeles has been awarded the 2028 Olympics under a funding commitment of $88 billion to upgrade the transportation infrastructure connecting disparate pockets of the metro area. This is expected to produce additional employment in the coming years. (BCG, 2018)
  • As part of Southern California area, Inland Empire market inherits all the benefits from the area.

PRICE & RENT TRENDS

Neighborhood: Orangecrest

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $144k610k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Orangecrest

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001200140016001800200022002400Rent in $9672496

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Benjamin Franklin Elementary School Primary Regular 838 33 8
Benjamin Franklin Elementary School Middle Regular 838 33 8
Martin Luther King High School High Regular 3,324 124 9

Benjamin Franklin Elementary School

  • Education Level: Primary
  • # of students: 838
  • # of teachers: 33
8
GreatSchools Rating

Benjamin Franklin Elementary School

  • Education Level: Middle
  • # of students: 838
  • # of teachers: 33
8
GreatSchools Rating

Martin Luther King High School

  • Education Level: High
  • # of students: 3,324
  • # of teachers: 124
9
GreatSchools Rating
 

$494,910$604,890$549,900

PURCHASE PRICE

$2,304$2,816$2,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,560
EXPENSES Loan Payment -$1,910
Property Tax -$521
Property Insurance -$86
Property Management Fees -$151
CASH FLOW
-$109

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$549,900

PROJECTED PRICE

$2,560

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 6.2%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$151,474

INVESTMENT

$151,474

Down Payment
$137,475
Rehab Estimate
$5,750
Closing Costs
$8,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,910

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $137,475
Loan Amount $412,425
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$26,005

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $2,560

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $2,655

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$2,395
1$2,3952$2,5603$2,6004$2,7505$2,800
$2,800
RENT COMPS ANALYSIS
  • 8393 Plainview Street Riverside, CA 2
    • 3 beds 2 baths ∙ 2,447 Sqft ∙ Built 2001 3 beds 2 baths ∙ 2,447 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,560
    • $1.05
    •  
  • 19602 John F Kennedy Drive Riverside, CA 1
    • 4 beds 3 baths ∙ 2,428 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,428 Sqft ∙ Built 2003
    property image
    LEASED 03/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.99
    •  
  • 19429 Rotterdam Street Riverside, CA 3
    • 4 beds 4 baths ∙ 2,324 Sqft ∙ Built 2001 4 beds 4 baths ∙ 2,324 Sqft ∙ Built 2001
    property image
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.12
    •  
  • 19688 Allenhurst Street Riverside, CA 4
    • 4 beds 3 baths ∙ 2,447 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,447 Sqft ∙ Built 2001
    property image
    LEASED 07/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.12
    •  
  • 19550 Fortunello Avenue Riverside, CA 5
    • 4 beds 3 baths ∙ 2,532 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,532 Sqft ∙ Built 2018
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.11
    •  
PROPERTY LISTING DETAILS
Ted Jenkins
Windermere R.e. Tower Prop.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21001853
Last Updated: 01/05/2021
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